Annual Report 2014 Vidanova Pension Fund Curacao

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For several years, the increase of life expectancy of the population is becoming eminent. It continues to be a challenge for all pension funds and countries worldwide that still have pay as you go systems like our AOV/AWW pension funds administered by the Social Security Bank of Curacao.

The increase is remarkable in terms of an increase in the number of pensioners and the aging ratios. The trends deserve adequate attention. Vidanova has engaged in a process of addressing these risks by developing new DB pension plans, with a base pension age of 65.

The risk resulting of the increased life expectancy is also mitigated by maintaining a Reserve for Adjustment to more recent mortality tables (RAS) which is used to finance the periodic (every five years) conversion to more recent mortality tables. On a yearly basis the results on short and long life is monitored by our actuaries and if necessary the reservation policy is revised.

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